Q793. IS INPUT CREDIT ALLOWED CONSIDERING BUSINESS PROMOTION CUM ADVT. EXP. OR THE SAME WILL BE CONSIDERED AS GIFT

Ans: ITC is available on business promotion expenses except the gift/sample distributed

Q792. My client is selling his used motor cycle used in business for Rs.10,00,000/-. The WDV of Motor cycle is of Rs. 9,50,000/-. The motor cycle has the CC of 1,000. My query is : A. on what amount should the GST be levied and B. what is the rate of GST (and cess) to be levied.

Ans: on motor vehicle the GST will be applicable on 50000@the applicable rate of motor vehicle

Q791. Whether Grant received by Start Up (Incubatee) from Incubator is liable to Gst or not and if Liable then it which rate is Taxable?

Ans: in case of capital received from incubator the same will be capital in nature and not taxable. Please remember that if the grant/capital is reducing the value of supply; say you are billing someone but amount get reduced because of that grant, then it will be taxable.